Toyota to sell entire stake in Japan's Harmonic Drive Systems - filing (updated)

KDDI

06/12/2023 07:34

(Adds potential deal value, context on selling of
cross-shareholdings in paragraphs 2-5)
       TOKYO, Dec 6 (Reuters) - Harmonic Drive Systems
 6324.T , a Japanese maker of speed reducers, said on Wednesday
that Toyota Motor  7203.T  will sell its entire stake in the
company in the open market overseas.
    The move could fan hopes among investors that Toyota will
accelerate sales of shareholdings in affiliates and partners
following last week's announcement it would divest a stake in
supplier Denso  6902.T , a pillar of the Toyota group.
    That share sale came after the world's top-selling automaker
said in July it would sell some of its holdings in telecom giant
KDDI  9433.T , as it invests to speed up electrification.
    Toyota will sell 4,379,400 shares of Harmonic Drive Systems
at an undecided sale price, the precision control equipment
maker said in a regulatory filing.
    The stake was worth 18.1 billion yen ($123 million) at
Wednesday's closing price of 4,135 yen per share.
    Harmonic Drive Systems said it would buy back up to 700,000
of its own shares, worth up to 0.73% of its outstanding stock,
to reduce the impact of the sale on its shareholders.
    ($1 = 147.0500 yen)   

 (Reporting by Daniel Leussink and Satoshi Sugiyama; Editing by
Chang-Ran Kim and Jacqueline Wong)
 ((Satoshi.Sugiyama@thomsonreuters.com;))